5 will get you 10...
USAB offers a high (5%)interest rate on checking and allows online billpay.
NTBK offers an ok 3% on checking and a high 5.3 or so on a money market account (no bill pay on this one). Therefore, you really need 2 accounts at NTBK (one for high interest and one to pay bills)and 1 at USAB.
Based on this, I'd say usab is doing ok right now. They now have 5k accounts with an increase of 34% in the last 4 weeks since internet launch. Lets assume that all 34% were internet accounts which leads to 1700 new net accounts. Eight weeks which is about 30 accounts per day. I guess that is why customer service is good. Growth is key so we'll have to see if their #'s continue to grow.
If we assume that USAB 5k accounts is like 10k accounts at NTBK, that puts the ratio much closer considering NTBK now has about 50k accounts.
USABancShares.com Reaches $22,000,000 in Online Deposits as Accounts Exceed 5,500
Wednesday, October 20, 1999 11:23 AM Mail this article to a friend
PHILADELPHIA--(BUSINESS WIRE)--Oct. 20, 1999--USABancShares.com, Inc. (NASDAQ-"USAB") announced that it has reached $22,000,000 in online deposits, as total accounts now exceed 5,500.
"September was our first complete month of full online operations, and we're pleased with our growth to date," said Ken Tepper, President & CEO of USABancShares.com. Total accounts have increased by 34% in 8 weeks since launching full on-line banking services at www.usabancshares.com. The company's network now represents users from over forty states.
Tepper added that the company soon plans to implement online partnerships through both ISP and hardware channels which are expected to add to the company's user network. Previously announced partnerships include iToaster, Systemax, eMachines, and UltraStar's BowieNet and Yankees.com.
USABancShares.com's featured on-line account, "energyONE", was designed to establish a new banking standard. With a 5.00% (APY) interest rate on checking . . . and a minimum balance requirement of a single dollar . . . USABancShares.com has relied upon on-line economies of scale in offering rates that were previously reserved for high net worth depositors. energyONE checking and savings accounts are also free of service charges.
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